Sanofi

Here we have the usual forward looking statements. We would like to remind you that information presented in this call contains forward-looking statements which are subject to substantial risk and uncertainties that may cause actual results to differ materially. We encourage you to read the disclaimer in our slide presentation. In addition, we refer you to our Form 20F on File with the U.S. SEC and our French Universal Registration Document for description of these risk factors. As usual, we'll be making comments on our performance using constant exchange rates and other non-IFRS measures. Numbers used are in millions of euros and for Q4 or full year 2025 are not stated otherwise. Please turn to slide number four. First, we have a presentation, which is a little longer due to full year results. Then we will take your questions. We aim at keeping it all to one hour, perhaps a little bit more, including questions. We appreciate other companies are also reporting today. For the Q&A, we have Olivier, Ryan, and Thomas to cover our global businesses, as well as Roy, our general counsel, and Brendan, head of manufacturing and supply. For the Q&A, you can participate in two ways, either raise your hand in Zoom or submit your question using the Q&A feature. With all of this, I'll now hand you over to Paul.

Well, thank you, and hello, everyone. In 2025, we continue to develop into an R&D-driven, AI powered by a pharma company. Our strategic progress was supported by the completion of the appellate transaction, allowing us to reinvest proceeds into business development and M&A opportunities, while completing our 5 billion share buyback program. We've had a strong performance with 9.9% sales growth and new launches reached 5.7 billion euros in sales. We're pleased to have achieved another blockbuster milestone last year with Altubio. We successfully launched two new medicines, capillia for haemophilia, and weirils for ITP, and one vaccine, Novavaxivir, to protect against COVID-19. We also achieved several positive Phase III results, including most of the amlitalimab program in AD and the sarcleza subcutaneous formulation. Our innovation engine continues to make progress, replenishing Phase I, including three promising gene therapies, our entry into ophthalmology. Looking at Q4 performance on slide six, we delivered very strong results with 11.3 billion in sales and 13.3% growth, supported, of course, by our key drivers. Fitting to our launches on slide seven, I'm pleased to report that our newly launched medicines and vaccines grew 34% in 2025. Big Fortis continued to deliver with 1.8 billion euros in full-year sales, demonstrating the critical need for RSV protection. Altubio achieved blockbuster status, reaching €1.2 billion in full-year sales. Patient adoption continues to increase, with patients switching from both factor and non-factor medicines. Over note, Avakit reached $725 million in annual pro forma sales, slightly ahead of Blueprint's expectations from early 2025. Our newly launched medicines and vaccines demonstrate our commitment to innovation, and the strength of our commercial organisation. Moving to slide 8, we've picked and reached €4.2 billion in the quarter and €15.7 billion in annual sales. Continued growth across anchor indications and expansion into COPD, CSU and BP drove a more than 30% increase in patients over the past year. This underscores Dupixent's standing as the number one prescribed biologic across dermatologists, pulmonologists, allergists, and ear, nose, and throat specialists. The U.S. regulatory acceptance for the allergic fungal rhinosinusitis indication in November brings us closer to a potential ninth indication, further expanding Dupixent's reach. Turning to vaccines, we maintain our leadership in influenza and RSV despite a challenging environment. Full-year sales reached €7.9 billion. In influenza, we gained U.S. market share with the flu zone high-dose and flu block, while Europe saw continued penetration of efluelda and supanto. Big four has delivered a strong performance, growing 9.5% to €1.8 billion, ahead of our anticipated modest growth, and driven by geographic expansion across Europe and the rest of the world. With real-world evidence confirming 87-98% effectiveness, Mayfordus has protected more than 11 million babies in more than 45 countries, thus preventing an estimated 200,000 hospitalisations to date. We continue to strengthen our vaccines portfolio with strategic acquisitions that enhance our ability to protect older adults from serious diseases. In December, we completed the acquisition of Vice Bio, adding a bivalent RSV plus human metanumavirus vaccine candidate to our pipeline. This program complements our existing RSV franchise and leverages the innovative molecular clamp technology for vaccine antigen design. We also announced our proposed acquisition of Dynavax Technologies Corporation, which we expect to close in the first quarter this year. This acquisition adds Hepatitis B to our portfolio, the leading adult hepatitis B vaccine in the U.S. with a differentiated and convenient two-day schedule. It also brings a shingles vaccine candidate currently in Phase 1-2 studies, further expanding our pipeline in vaccines for older adults. These strategic additions reinforce our commitment to innovation in vaccines. Before moving to financials, I'm pleased to highlight Sanobi's key role in developing publicly available specification 2090, or past 2090, the first industry-wide global standard for measuring and reducing environmental impact of medicines and vaccines across their life cycle, recently published, by the way, in the British Standards Institution. We co-developed this harmonized framework with industry to enable eco-design for footprint reduction, accurate environmental reporting, while addressing growing stakeholder demands for transparency. Past 2019 marks an important moment for sustainable health care, showcasing how collaboration across the health care system can drive meaningful progress. True patient care means protecting not just individual health, but also planet health. This standard helps us to do both. Thank you. I'll now hand over to Francois, our CFO, for more details on the financials.

Thank you, Paul, and hello to everyone. Next slide, please. I'm pleased to report that we achieved our strongest quarterly sales growth in Q4 2025. Net sales grew by 13.3% to 11.3 billion euros. Dupixent delivered double-digit growth with continued penetration across all indications. Dupixent also benefited from a favorable basis of comparison due to growth to net price adjustments in the previous year. Business EPS growth was strong at 26.7%, reflecting our disciplined execution and operational leverage. Slide 14, please. Over the past three years, volume growth has accelerated and reached 34% on a compounded basis. Growth was driven by our successful launches and by Dupixent expansion across multiple indications, which continues to drive significant volume uptake eight years after the launch. Our ability to expand market reach while growing our margins demonstrate the strength of our innovation on our strong commercial execution. To meet growing patient demand and deliver on our MFN commitment, we will continue investing in manufacturing capacity with a strategic focus on the US. Next slide, please. Our full year 2025 results showcase the power of our business model, delivering strong growth with increased profitability. Sales reached 43.6 billion euros, representing 9.9% growth at constant exchange rates, at the upper end of our guidance. This represents a higher underlying growth level than in 2024, given that we excluded hyperinflation impacts from our sales growth at the beginning of 2025. Business growth margin expanded by 1.8 percentage points to 77.5%, driven by favorable product mix and operational efficiencies. Operating expenses increased by 7.9% as we increased R&D investments and supported our new product launches through sales and marketing investments. OPEX has decreased as a percentage of sales to 39.9% thanks to our efficiency programs. Business operating income increased by 11.9%, with BOI margin reaching 27.8%. Business EPS excluding share buyback grew by 12.2%, in line with our guidance, and including share buyback, our business EPS grew by 15%. This demonstrates our ability to grow EPS faster than sales, while investing in future growth. Moving to slide 16, our free cash flow has returned to strong levels in 2025 at 8.1 billion euros, representing 18.5% of sales. We aim to sustainably reach free cash flow of at least 20% of net sales in the medium term. This strong cash flow generation illustrates the quality of our earnings and the effectiveness of our working capital management, A key contributor to this performance was our inventory optimization, as we reduced inventory by nearly 30 days. We are targeting a similar inventory reduction in 2026, which will help us to progress toward our 20% free cash flow target. This disciplined approach provides us with significant financial flexibility to execute our capital allocation strategy. Next slide, please. We ended 2025 with a strong capital structure, as highlighted by our low net debt, which increased slightly to 11 billion euros. We maintained a conservative 0.8 times net debt to EBITDA ratio. This conservative leverage provides flexibility for future external growth opportunities, even while maintaining our double A rating. We successfully deployed the 10.4 billion euros received from the Opela divestment into value-creating business development and M&A opportunities, such as Blueprint, ViceBio, JointBio DR0201, Vigil, and some others as well. These divestments and acquisitions allowed us to accelerate our transformation as a biopharma company. Moving to the next slide, in 2025, we executed our capital allocation strategy across all four priorities. We significantly increased our organic growth investments in R&D, commercial capabilities, CAPEX and digital transformation. These investments fuel both current and future growth. As I just mentioned, we deployed the Opela proceeds into strategic acquisitions. We propose to increase our dividend for the 31st consecutive year to €4.12, up by 5% from the previous year. Finally, we completed our €5 billion share-by-back program. We will pursue our capital allocation policy in 2026. Regarding share-by-backs, we will execute a €1 billion share-by-back program in 2026. The consistency of this approach demonstrates our commitment to sustainable value creation and shareholder returns while investing in long-term growth opportunities. Looking ahead to 2026, we expect to deliver a year of profitable growth close to what we achieved in 2025. For the full year 2026, we guide for high single digit growth in sales and for profitable growth, meaning business EPS growing slightly faster than sales. Be aware that this guidance is for the full year 2026 and does not necessarily apply individually to each and every single quarter in 2026. Sales dynamics include further portfolio optimizations through divestments that will reduce sales by about 200 million euros in 2026. We expect vaccine sales to slightly decline in 2026. Our gross margin expansion is expected to continue with minimal tariff impact following the agreement reached with the US administration last December. Underlying R&D will increase moderately. In addition to this organic growth of R&D expenses, we have added a placeholder for potential future acquisitions, particularly for Phase 1 and Phase 2 assets. Sales and marketing expenses will increase to support growth and launches, while we continue to target stable G&A expenses. Our operating income is expected to include around €500 million of capital gains from this boson, As a reminder, the profit sharing line in RPNL is increasing faster than sales growth by more than 10 percentage points. We now expect a decrease of around 400 million in R&D reimbursement coming from Regeneron this year. This decrease will be more than offset by Amvutroy royalties, which are estimated at approximately 1 billion euros, based on the latest consensus. This results in a positive impact of around 500 million euros to BOI. Our financial outlook includes an increase of our financial expenses this year, driven by increased net debt from both 2025 and 2026 BD and M&A activities. Finally, we expect a stable effective tax rate. I now hand over to Oumam to provide an update on the progress of our innovative pipeline.